Latest news with #TANAP
Shafaq News
20-04-2025
- Business
- Shafaq News
Bypassing Hormuz: Iraq emerges as key in new regional corridors
Shafaq News/ Iraq is taking center stage in a reshaped regional trade landscape, with major infrastructure projects and new energy partnerships positioning it as a critical transit hub amid growing efforts to bypass the Strait of Hormuz. Turkish Energy Minister Alparslan Bayraktar said Ankara expects to 'enter into an energy framework agreement with Iraq in the upcoming months,' which includes plans for an oil pipeline capable of transporting 1.5 million barrels per day from Basra to the Turkish port of Ceyhan. The deal also covers natural gas and electricity trade. Iraq's Ministry of Transport earlier announced that the first phase of the $17 billion Grand Faw Port project, located on the Persian Gulf, will be completed by the end of 2025. The port is a cornerstone in a corridor linking southern Iraq to the Turkish border and onward to the Port of Mersin. Talks are ongoing to revive the inactive pipeline between Iraq's Kurdistan Region and Ceyhan. Baghdad resumed electricity imports from Turkiye in September, and volumes are expected to double to 600 megawatts in 2025. The development came one week after the United States revoked Iraq's waiver to purchase electricity from Iran. Once in effect, Turkiye will supply Iraq with twice the power Iran currently provides. Elsewhere in the region, alternative trade routes are also advancing. Saudi Arabia has launched a tender for a railway connecting the Persian Gulf to the Red Sea, while Kuwait signed a contract with Turkish company Proyapi on April 7 to design a railway linking Kuwait to Oman via Gulf Arab states. The 2,177-kilometer Gulf Railway is expected to be completed by 2030 and aligns with Saudi efforts to create a Gulf–Red Sea rail corridor. Turkiye, meanwhile, has reinforced its status as a regional energy hub. It operates the TANAP and TurkStream pipelines, which supply Azerbaijani and Russian gas to Europe. Turkiye has also started receiving Turkmen gas via a swap deal through Iran. Since 2017, the Baku–Tbilisi–Kars railway has enhanced east–west trade, with Georgia completing upgrades in late 2024 that expanded its capacity from 1 million to 5 million tons per year. Iran, by contrast, has been increasingly isolated from emerging infrastructure networks. Its repeated threats to close the Strait of Hormuz have not materialized but have contributed to the region's shift toward bypass routes. Despite its location and ties with China, Iran remains largely excluded. Tehran has attempted to reduce its dependency on the Strait by developing the Jask oil terminal and Chabahar port, but both remain underutilized. The Jask terminal briefly handled 170,000 barrels per day last October, and Chabahar accounts for less than 2% of Iran's foreign trade. Iran's total foreign transit stands at just 22 million tons—less than Azerbaijan's 33 million tons moved last year. Saudi Arabia and the UAE now export roughly half of their crude through domestic pipelines that avoid the Strait of Hormuz, including the Habshan–Fujairah route. China has prioritized northern routes through Central Asia and the Caucasus, where freight traffic via the China–Turkiye corridor has surged fivefold in recent years. Despite longstanding agreements with Russia and India, Iran has failed to activate key transit corridors. The Zangezur Corridor, a shorter route through Armenia, is gaining momentum while Iran focuses on opposing its development. Meanwhile, Gulf states and Pakistan continue to advance infrastructure projects poised to redraw the region's trade map.
Daily Tribune
14-04-2025
- Business
- Daily Tribune
Azerbaijan Positions Itself at the Forefront of Global Change at 'Facing the New World Order' Forum
TDT | KSA The international forum 'Facing the New World Order', hosted at ADA University and attended by Azerbaijani President Ilham Aliyev, was more than just another policy conference — it was a declaration of Azerbaijan's active and growing role on the world stage. As global power dynamics evolve, Azerbaijan is stepping forward not as a passive observer, but as a proactive shaper of regional and international developments. The forum gathered a distinguished lineup of politicians, diplomats, strategists, and academics, all eager to discuss the emerging world order and the realignments reshaping global politics. The event also reflected a larger shift: regions once defined by historical conflicts — such as the South Caucasus — are beginning to emerge as hubs of responsibility, decision-making, and leadership. Azerbaijan's Vision for Peace and Regional Cooperation In his keynote speech, President Ilham Aliyev laid out a clear and compelling vision, not only addressing Azerbaijan's path to peace with Armenia but offering a broader framework for regional cooperation and stability. He reaffirmed Azerbaijan's commitment to normalizing relations with Armenia and sketched out the conditions for a lasting peace agreement. Beyond the bilateral dialogue, Aliyev's address highlighted Azerbaijan's geopolitical strategy — one built on regional transformation, evolving security partnerships, and a clear-eyed response to the shifting global order. As conflicts like the war in Ukraine and disruptions to global energy and supply chains shake old systems, President Aliyev's remarks emphasized a crucial question for smaller nations: Will they be passive subjects of global politics, or will they assert themselves as strategic actors? Azerbaijan: A Key Regional Connector Geographically straddling the Caspian and Black Seas, Azerbaijan has long been a bridge between East and West. In the past two decades, it has cemented its status as the South Caucasus' principal energy and logistics hub. The Southern Gas Corridor, connecting the Caspian Sea to Southern Europe via the TANAP and TAP pipelines, plays an increasingly vital role in Europe's energy independence, particularly in reducing reliance on Russian gas. Azerbaijan's capital, Baku, is now home to the largest seaport on the Caspian Sea, serving as a major gateway for trade between China and Europe. Beyond energy, Azerbaijan plays a strategic role in global trade routes such as the International North-South Transport Corridor and the Trans-Caspian Route, linking India, Central Asia, and Europe. From Post-Conflict Recovery to Positive Peace Since the 2020 liberation of Karabakh, Azerbaijan has embraced a model of reconstruction centered on the concept of 'positive peace.' This approach extends beyond ending hostilities, aiming to create a lasting, stable, and institutional regional order. At the forum, President Aliyev underscored Azerbaijan's readiness for peace, placing the onus squarely on Armenia. 'With respect to the peace agreement, the ball is in Armenia's court,' he declared, signaling that Azerbaijan has fulfilled its commitments and that the delay now lies with Yerevan. He emphasized that Armenia's occupation of Azerbaijani territories had obstructed the South Caucasus' integration and that the region could only move forward through mutual recognition, cooperation, and respect for international law. Aliyev also criticized Armenia's economic miscalculations, pointing out how its aggressive policies and occupation had cut it off from regional transit routes and trade opportunities. 'Armenia deprived itself from becoming a transit country for Azerbaijan's energy resources and transportation routes,' he noted, highlighting how peace and cooperation could transform Armenia's future if it embraces a realistic and forward-looking approach. Peace as a Path to Prosperity President Aliyev's address was not merely diplomatic — it was a roadmap for the future. Azerbaijan's message to Armenia is clear: the path to economic growth and political stability lies in peaceful cooperation, not territorial disputes. Should Armenia choose peace, the South Caucasus could enter a new era of integration. A peace treaty would unlock transformative opportunities for both nations, including the potential development of the Zangezur Corridor — a route that could reconnect Armenia to global trade networks stretching from the Persian Gulf to the Mediterranean and Caspian Seas. A future rooted in cooperation would also reduce the need for military alliances, shifting the region's focus toward economic collaboration and infrastructure development. Institutions such as a South Caucasus Security Council or Infrastructure Commission could emerge, creating a foundation for long-term regional security and prosperity. A Strategic Hub in a Multipolar World Historically viewed as a peripheral area in global affairs, Azerbaijan's pragmatic and independent foreign policy has elevated its role as a key player in a multipolar world. Through strategic partnerships — particularly with Kazakhstan, Uzbekistan, and European Union nations such as Romania and Hungary — Azerbaijan is forging a multi-directional, cooperative model that transcends the traditional center-periphery dynamic. Azerbaijan's investments in energy, transport, and digital infrastructure underscore this transformation. In 2023 alone, the country exported over 8 billion cubic meters of natural gas to the European Union, and nearly 70% of the Trans-Caspian multimodal freight route passes through Azerbaijani territory. Major infrastructure projects, including the Alat Port and digital corridors, position Baku as both a reliable partner and a linchpin of Eurasian connectivity. Embracing a New World Order The Facing the New World Order forum made one thing clear: the age of a singular, universal global order is fading. Instead, nations like Azerbaijan are charting their own courses, building flexible alliances and regional partnerships tailored to their unique geopolitical circumstances. Through dialogue, diplomacy, and bold vision, Azerbaijan is stepping forward as both a regional leader and a reliable global partner — ready to shape, not just adapt to, the emerging world order.
Yahoo
24-03-2025
- Business
- Yahoo
BP and Apollo agree on $1bn deal for 25% stake in bp TANAP
BP and Apollo have finalised agreements for Apollo-managed funds to acquire a 25% non-controlling stake in BP Pipelines (TANAP), referred to as bp TANAP. bp TANAP is a bp subsidiary that holds a 12% interest in the TANAP pipeline, which is crucial for transporting natural gas from Azerbaijan across Türkiye. Apollo funds will purchase the non-controlling shareholding in bp TANAP for approximately $1bn. The proceeds will contribute to bp's $20bn divestment programme. Despite monetising its interest, bp will remain the controlling shareholder, retaining strategic interest and governance rights in the pipeline. The transaction is expected to close in the second quarter of 2025, pending regulatory and TANAP shareholders' approvals. bp gas & low carbon energy executive vice president William Lin said: 'We are pleased to extend our partnership with Apollo and to deepen our partnership in this key piece of energy infrastructure for Europe. 'This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe. bp and Apollo will continue to explore further strategic cooperation and mutually beneficial opportunities.' TANAP, spanning approximately 1,800km across Türkiye, is the central section of the Southern Gas Corridor (SGC) pipeline system. The SGC transports gas from the Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to European markets including Italy and Greece. In November 2024, Apollo and bp completed a previous agreement for Apollo to partner with bp on TAP, the final leg of the SGC. BP and Apollo continue to explore further cooperation opportunities in infrastructure, gas and low-carbon energy assets. Apollo partner Skardon Baker said: 'We see significant potential with our scaled, long-term capital to partner with bp, in alignment with their strategic objectives. We are pleased by the highly successful partnership to date.' Additionally, Saudi Aramco is reportedly considering acquiring bp's Castrol lubricant business, potentially valuing the division at around $10bn. BP is evaluating options for its Castrol division, including a potential sale, as part of a broader strategic review. "BP and Apollo agree on $1bn deal for 25% stake in bp TANAP" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
21-03-2025
- Business
- Yahoo
BP Sells Gas Pipeline Stake to Apollo Funds for $1 Billion
(Bloomberg) -- BP Plc said Apollo-managed funds will purchase a 25% non-controlling stake in BP Pipelines — known as BP TANAP — for about $1 billion, marking the British energy giant's first divestment under its turnaround plan. New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Amtrak CEO Departs Amid Threats of a Transit Funding Pullback NYC Plans for Flood Protection Without Federal Funds TANAP holds BP's 12% interest in the Trans-Anatolian natural gas pipeline, part of the Southern Gas Corridor pipeline system that carries fuel from the Shah Deniz field in the Azerbaijan section of the Caspian Sea through Turkey to markets in Europe, including Italy and Greece. The deal is set to close in the second quarter, subject to regulatory and TANAP shareholder approvals. Proceeds from the transaction will contribute to BP's $20 billion divestment program, the company said Friday in a statement. BP has come under pressure from investors, including the aggressive activist Elliott Investment Management, to flip its trajectory. After the company's value plunged during Chief Executive Officer Murray Auchincloss's first year in the role, he announced in February that BP would return to focusing on fossil fuels after the firm previously tried moving away from hydrocarbons. Part of the strategic reset includes $20 billion worth of divestments by the end of 2027 to improve cash flows. 'This unlocks capital from our global portfolio while retaining our role in this strategic asset for bringing Azerbaijan gas to Europe,' BP Executive Vice President William Lin said in the statement. (Updates with EVP comment in final paragraph.) A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers The Real Reason Trump Is Pushing 'Buy American' One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream ©2025 Bloomberg L.P. Sign in to access your portfolio
